Market research company Millward Brown has declared that BMW is this year's most valuable automotive brand.

Market research company Millward Brown has declared that BMW is this year's most valuable automotive brand.

According to the company's BrandZ Top 100 Most Valuable Global Brands list, the German automaker overtook Toyota with an estimated worth of $24.6 (€19.3) billion. Toyota, on the other hand, had a value of $21.8 (€17.1) billion. Rounding out the top three, Mercedes took a podium finish with an estimated value of $16.1 (€12.6) billion.

Speaking with Automotive News, Millward Brown's global brand director Peter Walshe said "As one of the great brands in the world, BMW has been absolutely consistent in the long-term regarding what is meaningfully different about their brand, in highly competitive market places." He added that Toyota's decline was a result from last year's earthquake and tsunami.